Real estate as a gift this Christmas season

There are a number of ways to give real estate as a gift. But, there are many things to consider before you do.

Are you giving the property to a family member, friend or charity? Do you intend to live in the property or wish to have someone else live in it? Are you giving the whole property or a partial interest in the property? Do you have tax implications that should be considered? The method by which the property is conveyed can have a major impact on the amount of tax that the IRS will claim. This could be significant if the property has a great deal of appreciation.

If you are considering giving real estate as a gift, it is imperative that you discuss your plans with your tax consultant and an attorney who specializes in real estate.

To buy or sell properties in Almaden Valley or Willow Glen communities, get in touch with San Jose realtor Dale Warfel. Please visit his website: http://dalewarfel.com for more information on the services he offers.